TMI BlogRevision of Interest Rates for NSC and KVP CertificatesX X X X Extracts X X X X X X X X Extracts X X X X ..... ted KVP and NSC certificates in Post Offices and Banks, is being postponed by a quarter, to 1-7-2016. All banks and the Department of Posts are requested to return the remaining stock of physical pre-printed KVP/NSC certificates at the close of business on 30-6-2016 to the ISP, Nasik. 3. It may be noted that no physically pre-printed KVP and NSC certificates may be issued on or after 1-7-2016 by banks or Post Offices. Two modes of issue of NSC/KVP certificates on and after 1-7-2016 4. The NSC/KVP certificates shall be issued in the following 2 modes on and after 1-7-2016 ( a ) Exclusive e-mode: The format for e-mode is given in Annex I for KVP and NSC. The Part A of the form ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -book may be collected back and destroyed after cancelling all the pages by the authorized official. So far as possible, customer should be convinced to opt for exclusive e-mode . This is to facilitate the transition to a paperless system. 6. In all cases, the system should be able to record with date the issue of NSC/KVP certificates under both the modes and keep track of the modes used by individual customers. The physical signature of the issuing officer at the time of issue of the certificate in pass-book mode should have designation stamp as the same is of crucial importance for establishing the authenticity of the certificate issued. In case of the pass-book mode, the Post Office or Bank Branch, shall take receipt of the pass-bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontinue according to existing rules. NSC or KVP once pledged should not be transferred unless security is released. 9. Transfer 10. In case of transfer of NSC or KVP from one person to another, both the persons shall apply for transfer of NSC or KVP in the prescribed format. The Post Office or Bank concerned shall allow transfer after applying due diligence and enable online viewing to the new owner if exclusive e-mode is applied and remove the NSC or KVP from the online view of old owner. 11. At the time of transfer of the KVP/NSC from one person to another, apart from the changes in the electronic database entries/physical office ledger entries as the case may be, Pass-book if already issued should be obtained in original a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or KVP only in Pass-book mode by assigning Account/Registration number from the block of accounts allotted by their HOs. As and when these offices are migrated to CBS, new account/registration number should be allotted by CBS system and same should be informed to the customer. General instructions 15. The necessary software templates and arrangements may be put in place so as to implement these instructions and the contents of the annexes to this OM. The aim should be 'bare essential data-entry requirement' at the time of issue of the certificates of KVP and NSC to the investor. 16. This system shall remain in place till the KVP/NSC system is completely dematted or brought on e-mode by other means by the Ministry of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Father's/Mother's name c Address d CIF Number e Nomination given (Y/N) f Through agent (A) or Direct (D) 8 Date of encashment 9 Receipt Investor 1 Investor 2 Guardian in case investor is minor a Received a sum of Rs. b Name(s) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... maturity amount may be credited on forfeiture of pledge (optional) l Name and address of nominee: m Relationship and percentage of nomination: Entire details are to be collected and recorded with respect of the transferees in case of transfers. ANNEX II Banks operating the KVP Scheme The name of banks operating the KVP Scheme, are given below: 1. Andhra Bank 2. AXIS Bank (UTI Bank) 3. Bank of Baroda 4. Bank of India 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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